Serve Robotics Sees Unusually Large Options Volume (NASDAQ:SERV)

Serve Robotics Inc. (NASDAQ:SERV) was the target of unusually large options trading on Friday. Stock investors purchased 40,579 call options on the company. This represents an increase of approximately 212% compared to the typical volume of 12,995 call options.

Serve Robotics Stock Up 6.4%

SERV stock opened at $12.13 on Friday. Serve Robotics has a 52-week low of $4.66 and a 52-week high of $24.35. The stock’s 50 day moving average is $10.61 and its two-hundred day moving average is $9.23. The company has a market capitalization of $726.34 million, a PE ratio of -10.55 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The business had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.63 million. As a group, sell-side analysts anticipate that Serve Robotics will post -0.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SERV. Cantor Fitzgerald began coverage on Serve Robotics in a report on Thursday, May 22nd. They set an “overweight” rating on the stock. Singular Research upgraded Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Seaport Res Ptn cut shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Finally, Wedbush initiated coverage on shares of Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Buy” and a consensus target price of $17.75.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 164,735 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the completion of the sale, the chief executive officer owned 3,434,002 shares in the company, valued at approximately $35,473,240.66. The trade was a 4.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Evan Dunn sold 5,000 shares of the business’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $10.01, for a total value of $50,050.00. Following the sale, the general counsel owned 230,767 shares of the company’s stock, valued at $2,309,977.67. The trade was a 2.12% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 293,625 shares of company stock worth $3,048,817. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after purchasing an additional 1,545 shares during the last quarter. Creative Planning increased its holdings in Serve Robotics by 25.9% during the 2nd quarter. Creative Planning now owns 12,923 shares of the company’s stock worth $148,000 after purchasing an additional 2,655 shares during the last quarter. Allworth Financial LP increased its holdings in Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock worth $45,000 after purchasing an additional 2,964 shares during the last quarter. Brevan Howard Capital Management LP lifted its holdings in Serve Robotics by 34.6% during the 2nd quarter. Brevan Howard Capital Management LP now owns 14,400 shares of the company’s stock worth $165,000 after buying an additional 3,699 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its holdings in Serve Robotics by 30.3% during the 4th quarter. Jefferies Financial Group Inc. now owns 17,200 shares of the company’s stock worth $232,000 after buying an additional 4,000 shares during the last quarter.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.